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HMM reports 2022 results with a net profit of $7.9 billion! A sharp drop in the fourth quarter!
01.30.2023 | himobiservice | News

Recently, HMM announced its strong performance in 2022, with a net profit of US$7.9 billion, an increase of 88.6% year-on-year. However, the situation in the fourth quarter was different, with net profit down 47.8% year-on-year.

According to the HMM report, its full-year revenue in 2022 will be 18.59 trillion won (approximately US$14.63 billion), a year-on-year increase of 34.7%; operating profit will be 9.95 trillion won (approximately US$7.83 billion), a year-on-year increase of 34.8%; The profit was 10.07 trillion won (about 7.92 billion U.S. dollars), an increase of 88.6% year-on-year.

Among them, the revenue in the fourth quarter of 2022 was 3.53 trillion won (about 2.78 billion U.S. dollars), a year-on-year decrease of 20.6%. It was down 30.9% from the third quarter; net profit was 14 trillion won (approximately US$1.1 billion), down 47.8% year-on-year and 46.4% quarter-on-quarter.

HMM hinted at the shift in profits in its report, saying, "Freight rates on most key tradelanes have been under downward pressure since the first half of 2022 amid slowing demand and easing supply chain pressures."

"Unfavorable market conditions are expected to persist due to prevailing inflation and weak economic growth, putting pressure on demand," it said.

But these unfavorable market conditions won't prompt the company to make any short-term business changes. HMM said: "HMM will continue to enhance its business capabilities in line with the mid-to-long-term strategy announced in July 2022. In addition, HMM will seek to obtain high-yield cargo, promote cost control and improve operational efficiency."